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Plan for protected corporate bank account falls through

The government and the country’s creditors are seeking ways of persuading enterprises to install point-of-sale terminals and use them for most of their transactions with customers.

This development suggests that the government has abandoned its plan – announced by the prime minister no less – for the creation of corporate bank accounts protected from confiscation, as the heads of the creditors’ missions had been against it since the proposal was tabled in negotiations.

Alexis Tsipras’s other proposal, regarding the voluntary disclosure of hidden incomes, appears to have been agreed to by the creditors, but with particularly high tax rates starting from 50 percent.

Upon the arrival of the heads of the creditors’ representatives in mid-November (or even earlier, as technical negotiations are ongoing), the regulations on card payments, the voluntary declaration of incomes and the new asset register will be tabled in Parliament so that they can be implemented as of January 2017.